BWX Technologies (BWXT) FY2018 results: revenue $1.8 billion, up 6.6% on the year
BWX Technologies, Inc. (BWXT) reported revenue of $1.8 billion for fiscal 2018, the year ended 31 December 2018, up 6.6% on the year before. Net income was $227 million, up 53.5%, and diluted earnings per share $2.27. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2019.
Revenue
$1.8 billion
+6.6% on the year
FY2011FY2018
Operating margin
16.9%
17.3% a year earlier
FY2011FY2018
Net income
$227 million
+53.5% on the year
FY2011FY2018
Diluted EPS
$2.27
+54.4% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
1,800
1,688
1,551
+6.6%
Cost of revenue
1,296
1,192
1,086
+8.7%
Gross profit
504
496
464
+1.7%
Gross margin
28.0%
29.4%
29.9%
Research and development
15.2
7.2
6.4
+111.7%
Selling, general and administrative
214
210
210
+1.9%
Operating income
305
292
234
+4.4%
Operating margin
16.9%
17.3%
15.1%
Interest expense
27.8
14.9
8.4
+87.0%
Pre-tax income
280
296
257
-5.3%
Income tax
52.8
147
73.7
-64.2%
Effective tax rate
18.9%
49.8%
28.6%
Net income
227
148
183
+53.5%
Net margin
12.6%
8.8%
11.8%
Diluted EPS
$2.27
$1.47
$1.76
+54.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
169
222
240
-23.8%
Capital expenditure
109
96.9
52.6
+12.9%
Free cash flow
60.0
125
187
-52.1%
Free cash flow margin
3.3%
7.4%
12.1%
Cash from investing
-327
-89.7
-189
Cash from financing
-9.3
-61.2
-88.9
Depreciation and amortisation
60.1
56.6
50.6
+6.3%
Share-based compensation
11.9
15.2
15.4
-21.9%
Buybacks
215
0.0
293
Dividends paid
63.8
42.0
37.4
+51.8%
Dividend per share
$0.64
$0.42
$0.36
+52.4%
Diluted shares, weighted
100m
100m
104m
-0.3%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
236
285
150
-17.4%
Non-controlling interest
0.0
0.4
0.4
-89.3%
Debt
768
509
525
+50.9%
Other liabilities
652
918
904
-29.0%
Total liabilities and equity
1,655
1,712
1,580
-3.3%
Fixed assets
439
349
300
+26.0%
Goodwill
274
218
211
+25.5%
Intangible assets
229
110
115
+107.1%
Investments
3.6
2.9
14.5
+22.6%
Cash and equivalents
29.9
203
126
-85.3%
Receivables
71.6
189
136
-62.2%
Inventory
16.0
8.6
7.7
+86.0%
Other assets
592
631
671
-6.1%
Total assets
1,655
1,712
1,580
-3.3%
10-K for the year ended 31 December 2018, filed 25 February 2019: the filing.